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What happens when you unlock a phone?

I have a virgin mobile phone which I understand is currently locked to their network. If I ask them to unlock it, can I simply switch between different SIM cards when I wish?

Reason for this is that I want to take advantage of O2's broadband discount for O2 PAYG mobile customers who top up £10 a quarter. I'd like to be able to swap between Virgin and O2 whenever I want by simply swapping sim cards. Can I do this?

tiptoe

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